Zillow in Review (as we predicted it would in April)

Zillow in Review (as we predicted it would in April)

Steve’s breakdown: Zillow is going on its own with this review. Ravi Kandikonda is the new CMO who moved up when the old one quit in April after they cut 1/4 of their staff. That’s when we predicted this review was coming. (See bottom of the page) Rich Barton is Co-founder & CEO

SEATTLE, WA: Real estate company Zillow has put its creative account into review. New York shop Fig won the business in 2020 following a review run by Mercer Island Group.

The agency will defend the account in the current pitch, which is being run without a consultant, according to people familiar with the situation. It is unclear what other shops are participating in the pitch.

“We’re proud of the work we’ve done with Zillow over the last two and a half years,” said Judith Carr-Rodriguez, Fig partner and CEO. “The partnership has been mutually beneficial as it has helped us put our creative-first, data-fueled approach into action as we focused on building brand saliency for Zillow. Our work has effectively powered Zillow’s brand evolution through our ‘Change is hard, but it’s worth it,’ idea and our new platform ‘There’s no place like Zillow.’”

Zillow Chief Marketing Officer Aimee Johnson left the company in April to pursue a “new beginning,” according to her LinkedIn post at the time. Shortly after, Zillow confirmed that Ravi Kandikonda, senior VP of marketing, would oversee its marketing efforts.

In March, Johnson said Zillow selected Fig because “we are a big brand with a moderate budget and we wanted an agency that would come up with the creative big idea and handle production and think about cross-channel and [for whom] we were big enough to have the right people in the room.” She added: “Fig is helping me solve business problems.” <————

A Zillow spokeswoman confirmed the review and noted, “As part of our annual planning process, we are always evaluating our partnerships.”

Fig’s creatively lauded work for the brand increased the site’s share of traffic among real estate sites by 62% over the prior year and lifted first choice preference by 25%, according to the agency. Zillow calls itself the most visited real estate website in the U.S.

Financial hurdles

The listing company has had its ups and downs in recent years. In fall 2021, Zillow cut 2,000 jobs, about 35% of its workforce. The company lost $881 million on its failed home-flipping business and in the fourth quarter of last year reported a net loss of $261 million.

Zillow posted solid growth in the first quarter of this year, with revenue up 250%, but rising interest rates and high mortgages suggest the real estate bubble may burst. Zillow’s next quarterly results are set to be released on August 8.

Zillow isn’t the only real estate company dealing with troubles. Competitor Redfin cut about 8% of its employees last month, while Compass said it would let go of 10% of its workforce.

Some of Fig’s other clients include SeatGeek, Waze, and Ketel One.


It’s hitting the fan at Real Estate company

Type and press Enter to search